Kuda, the African challenger bank, is distributing free debit cards with no maintenance costs across Nigeria in an effort to boost cashless payments.
The project is part of the London-based, Nigerian-operated startup’s low-interest credit product, which is accessible via smartphones and the internet in partnership with Network International, the largest provider of digital commerce in Africa and the Middle East.
Kuda Bank’s 0% costs on cards, account management, and transfer have made it particularly appealing to millennials.
As Kuda continues to expand significantly, switching from a third-party card provider to the independent production of physical and virtual Visa-branded cards powered by Network International will give the bank more control over the quality of card services it offers while also facilitating its mission to make banking accessible, affordable and rewarding for Africans.
“Producing our own cards is a big step in the right direction for Kuda and we believe that collaborating with Network International, a payments partner with an excellent reputation and strong technical expertise, is the best move to make this happen for us in record time”, Kuda Technologies CEO Babs Ogundeyi said during the launch.
Network International has been at the forefront of driving digital payments in Africa, providing advanced, scalable, and cost-effective digital infrastructure and robust security protocols to prominent banks across the region.
In a statement, Chinwe Uzoho, Regional Director, West & Central Africa at Network International said:
“We are proud to extend our technical expertise to an exciting challenger bank like Kuda and collaborate to promote our common goal of increasing the adoption of digital payments in Africa”.
“Network International’s rich experience in payments and knowledge of the African market will support Kuda as it continues to provide a superior digital banking experience on the continent and in the diaspora.”
Kuda has constantly taken on incumbents in Nigeria’s fast-rising Fintech industry with a mobile-first, customized, and often less expensive set of financial services built on modern, API-based infrastructure since its inception in 2018.
In recent months, the Nigerian-operating firm has been on a growth tear. Kuda’s expansion was fueled in August 2021 when it closed a $55 million Series B round, which it plans to use to double down not only on new services for Nigeria, but also to prepare its launch into more African countries, and, in the words of co-founder and CEO Babs Ogundeyi, to build a new take on banking services for “every African on the planet.”
